My First Opportunity To Help And Learn Something Too
Hi guys and ladies
I just recieved an e-mail from a man in who I may be able to help. He e-mailed me his situation I don't have alot of detail but here is his e-mail
I deleted some things to protect his identity
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What would you like to know without going to a whole lot of details. I have to tell you that I have not spoken to anyone or even my lawyer about this. I don't want a lot of people to know. I have been through an enormous amount of emotional and financial kaos and really don't want to talk to a whole lot of people. I wanted to do my own research in this. I will tell you that the house is in a very desireable area I have some options in the works, but I am also considering just selling the house to relieve some bad memories that is associated with the house for me.
With the right owner, I do believe that the house can be worth about 100K more. I have let run down. Like I said, it's been about two years worth of kaos. Anyway, the most I like to tell you without any specifics is that the house is worth about $460K and I have about 280K (give or take 5K) at it's current physical condition. I had it recently appraised for some other reasons.
Like I said, it's my own research doing. I am at a point where I like to part with the house and move on with my life. I don't even want to deal with selling it in the open market because I don't want this to drag on. I'm affraid that I might back out of my decision or a family member might talk me out of it.
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What questions should I ask with the information he has given so far?
How can I gain his trust?
Thanks
NG
Niceguy1
I would first meet with this individual face to face. You will need to know:
What area is your house located in?
Why are you selling?
How did you come up with the price?
Are you flexible on terms?
Would you carry back financing (OTB – Owner Take Back or Second Mortgage)?
How long has the house been for sale?
Are you in a hurry to sell? Any deadlines?
How quickly do you want to close?
How much do you think your house is worth? How do you know?
Why are you selling your house now?
What type of mortgage? What is the interest rate? Is it assumable VA or FHA?
What is the balance of your mortgage? (Equity should be 25% minimum)
What are you going to do with the money?
How flexible is your price if we brought you a cash offer?
This is just a small list of the beginning steps that I have take out of my ebook on getting started as an investor and I hope this little outline works for you - good luck
[addsig]
Hey Johnmichael
Why don't you just fly out here and we'll do this one together (kidding) Can't afford
but thanks I'll use some of this info
NG
From reading his email, he sounds somewhat motivated. If you have the address, I would first run the comps and see if he is reasonable with his research.
Quote:
On 2004-12-29 16:00, Niceguy1 wrote:
Hey Johnmichael
Why don't you just fly out here and we'll do this one together (kidding) Can't afford
but thanks I'll use some of this info
NG
My fee's are not that much, just your 1st born, 99% of the profit on your next billion or so deals and most importantly lunch at McDonalds. LOL
[addsig]
Ha.... Good one John Michael
So let me give you and update on the situation
She has already filed chapter 13
The house appraised at 425k the appraiser told her it could appraise at 460k
She says it's worth 550k when fixed and the house is in a good neighborhood
She thinks it would take 25k to fix
She is not in foreclosure but will be in about 30 days
NG
Hi Niceguy1, I'm a local investor in the Rivirside area. If you need a partner, let me know.
OK
good to know
Is she still in chapter 13 and is the house a part of the petition.
25k in repairs will not improved the property value by 90k, sounds like she is running the numbers on you.
I will research further for you but you will need to PM the property data. Do not post the data as someone my see an opportunity.
Looks like a few want to be a part of your deal!
Funny not even sure if a deal is in place yet!
[addsig]
Funny, there were two people other then yourself and Niceguy replying to this post. In my response, I was pointing out that if Niceguy had an address, he could run some comps, not that complicated. So who are the FEW that are trying to get on his "deal"? Just wondering.
Quote:
On 2004-12-30 15:35, JohnMichael wrote:
Looks like a few want to be a part of your deal!
Funny not even sure if a deal is in place yet!
[ Edited by reinatalie on Date 12/31/2004 ]